Drought in Boston Area

The almost 3-week long lack of rain fall in the Boston area this August has
certainly had its impact on the fungal fructifications. Went to the Fells
Reservation and only found leftovers from last year's polypores. Something
looked like a Bondarzewia berkeleyi that tried to bloom but gave up, all
stunted and oddly formed. Even the leaves on trees are wilting. It was
stunning/shocking... nothing. No Armilaria, no Boletus, zip, nada.
This gets people to chattering about 'damage to the mycelium'. And I wonder,
just how damaged is the mycelium? What does a fungus do during extended dry
periods when the environment is too unfriendly to allow spore production?
Does the mycelium go dormant, reviving when the environment improves? Or does
it actually die and one just hopes that there are sufficient spores left
ungerminated from last season to carry through to next year?